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Bob Carey
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  Stocks Ended July 29, 2016
Posted Under: Weekly Market Commentary
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Last week the S&P 500 Index closed slightly lower than the previous week. The index posted a -0.05% return for the week and has gained 7.66% YTD. The index returned a 3.69% gain for the month of July. The FOMC released the July statement on Wednesday. The statements outlined a more confident growth outlook due to consumer spending and raised the likelihood of a September rate increase. Oil continued to slide during the week as it entered bear market territory on Thursday; closing the week out at 41.60. Apple Inc. reported earnings after the bell on Tuesday and exceeded consensus estimates for both earnings and revenue. Investors seeking a safe haven for assets are facing headwinds as the four-week rally in stocks has elevated valuations. Three of the ten economic sectors had positive performance for the week. The information technology sector was the best performing sector with a 1.56% return. The health care and materials sectors followed with 0.33% and 0.12% returns, respectively. The energy sector -2.05% return was the worst performance of all the sectors and was followed by consumer staples at -1.44%. Linear Technology Corp., an integrated circuits manufacturer, turned in the best performance in the S&P 500 Index with a 24.18% gain. The company announced it will be acquired by Analog Devices. The deal is expected to close in June of 2017. The next two best performers were Garmin Ltd and State Street Corp. with returns of 17.98% and 12.95%, respectively.
Posted on Monday, August 1, 2016 @ 8:47 AM • Post Link Share: 
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These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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